Connect with us

Bitcoin

How Bitcoin can benefit both, Republican and Democratic parties in the U.S.

Published

on

Source: Pixabay

Blockchain investor Matt Roszak recently stated in an interview that there is still a long way to go in educating members of Congress and agencies on the benefits of crypto. This is on the back of Congress’ recent hearing with top crypto CEOs.

That said, Chamber of Digital Commerce Founder Perianne Boring revealed in another interview that the government hasn’t been open about its own crypto holdings to the public. She said,

“The government does own a significant amount of Bitcoin from seizing it from criminal activity.”

It is worth pointing out that reports suggest that the U.S. government seized a mind-boggling $1.2 billion of Bitcoin in this fiscal. While the government’s holding from last year must have returned close to 170%, sources revealed to national media that the government is set to auction those Bitcoins.

In this regard, we need to recall what Hillary Clinton had recently said about cryptos. While raising concerns, she had commented that apart from states,

“We’re looking at non-state actors, either in concert with states or on their own destabilizing countries, destabilizing the dollar as the reserve currency.”

With that, Investor Advisory Committee in the U.S. has remained divided on SEC’s regulatory approach for the sector. Commissioner Hester Pierce had previously suggested a “mixed supervision” approach by regulators like the SEC, CFTC, and the Fed, adding,

“The Congress has a lot on its plate… We could do some of it on our own. But again there are some jurisdictional questions.”

Senators have been on both sides of the discussion as well. Senator Pat Toomey recently criticized SEC chair Gensler for failure to provide clear rules.

Is Bitcoin bipartisan?

However, Perianne Boring believed that,

“Bitcoin is going to be the next technology to truly expand and increase participation in the political process.”

She essentially stated that parties that leverage crypto, will be able to reach more people and benefit from that, and explained,

“It is a priority of both the Republican and Democratic parties to bring in participation from those younger generations and I think Bitcoin is a way to do that. “

Furthermore, a recent study found that the interested market for Bitcoin investment products extended to 59% in 2021, up from 55% last year.

Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.


Please select your Email Preferences.

Shraddha is a full-time journalist at AMBCrypto. She has a keen interest in personal finance and wealth generation. Her primary focus is on the cryptocurrency space's applications for investment vehicles and portfolios

Click to comment

Leave a Reply

Your email address will not be published.